Tech firm OutSystems raised $150 mn investment at $9.5 bn valuation
Tech firm OutSystems has raised $150 mn funding, co-led by Abdiel Capital and Tiger Global, valuing the company at $9.5 bn. The funding will be used to expand investments in its R&D and GTM (go-to-market) strategy, according to a company statement.
OutSystems' modern application platform tools help developers rapidly build and deploy a full range of applications. The company has more than 3.5 lakh community members, over 1,300 employees, 350 partners (including AWS, Deloitte and Infosys), and thousands of active customers in 87 countries, across 22 industries.
Developers are a scarce resource in business today, and the complexities of traditional software development exacerbate the challenges most organisations face when tackling their digital transformation agenda. By fundamentally changing the way software is built, OutSystems makes it possible for every organisation to compete, innovate and grow with the developers they already have," OutSystems founder and CEO Paulo Rosado said.